Hugh Johnston, Vice Chairman and CFO of PepsiCo, discussed the company's financial outlook and value creation proposition at the CAGNY 2021 conference. PepsiCo aims to deliver consistent organic revenue growth of 4-6% annually through consumer-centric innovation, growing its core brands and addressing strategic gaps. This translates to a profitable growth equation of organic revenue growth, annual productivity savings of $1 billion, and core operating margin expansion of 20-30 basis points per year on average. Margin profiles vary significantly by business, with Frito-Lay North America and Quaker Foods North America targeting sustaining or increasing their combined core operating margin of 29.3% through investments to accelerate growth and enhance competitive advantages.

1. EMERGING STRONGER
CAGNY 2021
HUGH JOHNSTON
VICE CHAIRMAN &
CHIEF FINANCIAL OFFICER

2. 1
Safe Harbor Statement
Statements in this communication that are “forward-looking statements,” including our 2021 guidance and long term targets, are based on currently available information, operating plans
and projections about future events and trends. Terminology such as “aim,” “anticipate,” “believe,” “drive,” “estimate,” “expect,” “expressed confidence,” “forecast,” “future,” “goal,” “guidance,”
“intend,” “may,” “objective,” “outlook,” “plan,” “position,” “potential,” “project,” “seek,” “should,” “strategy,” “target,” “will” or similar statements or variations of such words and other similar
expressions are intended to identify forward looking statements, although not all forward-looking statements contain such terms. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially from those predicted in any such forward looking statements. Such risks and uncertainties include, but are not limited to: the
impact of COVID-19; future demand for PepsiCo’s products; damage to PepsiCo’s reputation or brand image; issues or concerns with respect to product quality and safety; PepsiCo’s ability
to compete effectively; PepsiCo’s ability to attract, develop and maintain a highly skilled and diverse workforce; water scarcity; changes in the retail landscape or in sales to any key customer;
disruption of PepsiCo’s supply chain; political or social conditions in the markets where PepsiCo’s products are made, manufactured, distributed or sold; PepsiCo’s ability to grow its business
in developing and emerging markets; changes in economic conditions in the countries in which PepsiCo operates; future cyber incidents and other disruptions; failure to successfully
complete or manage strategic transactions; PepsiCo’s reliance on third-party service providers; climate change or measures to address climate change; strikes or work stoppages; failure to
realize benefits from PepsiCo’s productivity initiatives; deterioration in estimates and underlying assumptions regarding future performance that can result in an impairment charge;
fluctuations or other changes in exchange rates; any downgrade or potential downgrade of PepsiCo’s credit ratings; imposition or proposed imposition of new or increased taxes aimed at
PepsiCo’s products; imposition of limitations on the marketing or sale of PepsiCo’s products; changes in laws and regulations related to the use or disposal of plastics or other packaging of
PepsiCo’s products; failure to comply with personal data protection and privacy laws; increase in income tax rates, changes in income tax laws or disagreements with tax authorities; failure to
adequately protect PepsiCo’s intellectual property rights or infringement on intellectual property rights of others; failure to comply with applicable laws and regulations; and potential
liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries or investigations.
For additional information on these and other factors that could cause PepsiCo’s actual results to materially differ from those set forth herein, please see PepsiCo’s filings with the Securities
and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any
such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new
information, future events or otherwise.
Non-GAAP Information
Please refer to PepsiCo’s web site at www.pepsico.com in the “Investors” section under “Financial Information – Events and Presentations,” and PepsiCo’s filings with the Securities and
Exchange Commission, to find disclosure and a reconciliation of any non-GAAP financial measures contained herein.
SAFE HARBOR STATEMENT & NON-GAAP
INFORMATION

3. 2
01
02
03
Who We Are
Our Financial Outlook
Our Value Creation Proposition
TODAY’S DISCUSSION

4. 3
WHO WE ARE
PepsiCo has a portfolio that includes
23
BILLION-
DOLLAR
BRANDS
Products sold in
200+
countries and territories
around the world
More than
290,000
employees
More than
$10BILLION
in operating profit in 2020
More than
$70BILLION
in net revenue in 2020
that generated more than
$1 billion each in estimated
annual retail sales in 2020.

5. 4
OUR MISSION
Create more smiles with every sip and every bite
Be the global leader in convenient foods and beverages
by winning with purpose
FASTER
Winning in the marketplace, being
more consumer-centric and
accelerating investment for topline
growth
STRONGER
Transforming our capabilities, cost, and
culture by operating as one PepsiCo,
leveraging technology, winning locally
and globally enabled
BET TER
Integrating purpose into our business
strategy and doing even more for the
planet and for our people
BE
CONSUMER
CENTRIC
ACT AS
OWNERS
FOCUS &
GET THINGS
DONE FAST
VOICE
OPINIONS
FEARLESSLY
RAISE THE BAR
ON TALENT
& DIVERSITY
CELEBRATE
SUCCESS
ACT
WITH
INTEGRITY
MISSION
VISION
T H E
PEPSICO
WAY

6. 5
Balanced Geographic Mix
Market % of Net
Revenue
Mexico 6
Russia 4
UK 3
China 2.5
South
Africa
2
Total 17
North
America
38%
Market % of Net
Revenue
US 58
Canada 4
Total 62
62%
International
GEOGRAPHIC MIX AND CATEGORY POSITIONS
Note: PepsiCo data based on 2020 net revenue. Market share data (based on retail sales for macro snacks and beverages) based on 2020 Euromonitor. Numbers may not add due to rounding.
Beverages
45%
Snacks
55%
Balanced Mix in Attractive Categories
• #1 position
• Leadership in
salty snacks
and opportunity
to target
other
Macrosnack
occasions
• Strong #2
position with
leadership in
many markets
• Compete
broadly
in all LRB
categories
Top 5 Markets
comprise
~75%
of Net Revenue
% of Total Net Revenue:
Developed: 72%
D&E: 28%
Snacks Beverages

7. 6
OUR DIVISIONS
PBNA: 32%
FLNA: 26%
Europe: 17%
LatAm: 10%
AMESA: 6%
APAC: 5%
QFNA: 4%
$70.4
Billion
$12.0
Billion
FLNA: 45%
PBNA: 17%
Europe: 12%
LatAm: 9%
AMESA: 7%
QFNA: 6%
APAC: 5%
Net Revenue By Division Core Division Operating Profit
Note: Full-Year 2020 reported operating profit was $10.1 billion. Core division operating profit is a non-GAAP financial measure that excludes certain items and corporate unallocated costs. Please refer to the
“Investors” section of PepsiCo’s website at www.pepsico.com under the heading “Financial Information—Events and Presentations” to find the reconciliation of GAAP and non-GAAP information and definitions of
non-GAAP financial measures. Numbers may not add due to rounding.

8. 7
OUR NORTH AMERICA DIVISIONS
PepsiCo Beverages
North America
Frito-Lay
North America
Quaker Foods North
America
Geographic Mix: : 94% / : 6%
LRB Mix: CSD: 43% / NCB: 57%
Bev. COBO / FOBO Mix: 95% / 5%
Top 5 Brands:
>65%
of net revenue
Geographic Mix:
: 93% / : 7%
Top 5 Brands:
~60%
of net revenue
Top 5 Categories:
>80%
of net revenue
Geographic Mix:
: 91% / : 9%
Note: PepsiCo data based on 2020 net revenue. COBO is defined as company owned bottling operations and FOBO is defined as franchised owned bottling operations. Pepsi includes Trademark Pepsi, Diet Pepsi,
and Pepsi Max. Mountain Dew includes, Trademark Mountain Dew, Diet Mountain Dew, and Mountain Dew Kickstart. Quaker Foods North America categories are defined by PepsiCo and include total oats, total bars,
total ready-to-eat cereal, mixes and syrup, and Golden Grain (Rice-a-Roni and Pasta Roni).

9. 8
OUR INTERNATIONAL DIVISIONS
Latin America
Snack / Beverage Mix:
90% / 10%
Bev. COBO / FOBO Mix:
8% / 92%
Europe AMESA APAC
Top 5 Countries:
~85%
of net revenue
Snack / Beverage Mix:
45% / 55%
Bev. COBO / FOBO Mix:
93% / 7%
Top 5 Countries:
>60%
of net revenue
Snack / Beverage Mix:
70% / 30%
Bev. COBO / FOBO Mix:
48% / 52%
Top 5 Countries:
>85%
of net revenue
Snack / Beverage Mix:
75% / 25%
Bev. COBO / FOBO Mix:
0% / 100%
Top 5 Countries:
>85%
of net revenue
Mexico
Brazil
Chile
Guatemala
Colombia
Russia
U.K.
France
Germany
Turkey
Egypt
Saudi
India
South
Africa
Pakistan
China
Australia
Thailand
Vietnam
Philippines
Note: Top 5 country percentage of net revenue, snack and beverage mix, and bottler mix based on 2020 net revenue data. COBO is defined as company owned bottling operations and FOBO is defined as franchised
owned bottling operations.

10. 9
OUR CULTURE AND VALUES
beconsumer
centric
actas
owners
focusandget
thingsdonefast
raisethebar
ontalentand
diversity
celebrate
success
actwith
integrity
voiceopinions
fearlessly

11. 10
WINNING WITH PURPOSE
Environmental Social Governance
WATER
AGRICULTURE
PACKAGING
CLIMATE
BOARD
DIVERSITY
GENDER
PARITY
INDEPENDENT
BOARD
PORTFOLIO
DIVERSIFICATION
RACIAL
EQUALITY
FEMALE
EMPOWERMENT

12. 11
TODAY’S DISCUSSION
01
02
03
Who We Are
Our Financial Outlook
Our Value Creation Proposition

13. 12
4.0% 4.0%
5.0%
3.7%
2.3%
3.7%
4.5% 4.3%
2013 2014 2015 2016 2017 2018 2019 2020 LT Target
WE HAVE DELIVERED CONSISTENT ORGANIC
REVENUE GROWTH OVER THE LONG TERM
+4-6%
Our Long Term Organic Revenue Growth Target Remains Intact
Average: ~4%
Note: PepsiCo provides guidance on a non-GAAP basis as the Company cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange and acquisitions,
divestitures and other structural changes. Organic revenue is a non-GAAP financial measure. Please refer to the “Investors” section of PepsiCo’s website at www.pepsico.com under the heading “Financial Information—
Events and Presentations” to find the reconciliation of GAAP and non-GAAP information and definitions of non-GAAP financial measures.

14. 13
BY EVOLVING OUR PORTFOLIO TO MEET THE
CHANGING NEEDS OF OUR CONSUMERS
Consumer-Centric
Innovation
Grow The Core Address Strategic Gaps

15. 14
Note: PepsiCo defined global snacks include total savory, sweet, grains and dairy foods. PepsiCo defined beverages include liquid refreshment beverages categories and dairy. Figures exclude foodservice. Market size
(2019) and 5-year category CAGR (2020-2025) based on retail sales value of top 80 PEP countries from PepsiCo Portfolio Growth Model. Share is 2019 global retail value share from Euromonitor.
Global Beverages Opportunity
~$570
Billion
5-YR Estimated
CAGR: +4-5% 9% share
AND BELIEVE THERE IS STILL A SIGNIFICANT RUNWAY
FOR GROWTH IN OUR KEY CATEGORIES
Global Snacks Opportunity
~$550
Billion
7% share
5-YR Estimated
CAGR: +4-5%

16. 15
WITH CLEAR PRIORITIES IN NORTH AMERICA
• Accelerate growth by capturing
new needs and occasions,
innovation, advanced digital
capabilities, and precision
execution
NA Position Market Share Market Size
Macrosnacks
Total LRB
eCommerce
Grocery
#1
#1
~$120B
~$100B
~$20B
Note: PepsiCo defined macro-snacks includes total savory, sweet, and grains. NA includes United States and Canada. Market size is 2019 Retail Sales Value (RSV) from PepsiCo Portfolio Growth Model and excludes
Foodservice channel. eCommerce size and growth from Boston Consulting Group.
NA Market Leadership Key Priorities
FLNA
+
QFNA
• Outpace category growth,
address consumer trends and
modernize our go-to-market
system
PBNA
• Leverage COVID-driven
channel growth to continue
sales and share momentum
while building capabilities to
support competitive advantage
eComm
>100% channel
growth in 2020

17. 16
AND INTERNATIONAL MARKETS
Int’l Position Market Share Market Size
#2
#1
#2
Brazil
Russia
India
Note: Market size and share is 2019 Retail Sales Value (RSV) and excludes Foodservice channel. Market size is from PepsiCo Portfolio Growth model and share is Euromonitor. China share is pre-acquisition of Be &
Cheery which would increase share position to #4.
~$34B
~$32B
~$22B
International Leadership In Food & Beverages
in Key Growth Markets
Key Priorities
• Broaden foods portfolio,
expanding to new categories,
needs and occasions
• Build scale by driving affinity,
availability, frequency and
affordability, especially in
developing markets to trade up
from unpackaged
Snacks
• Invest strategically in beverage
markets, balancing growth and
returns to be strong, profitable
#1 or #2 player
• Drive scale in select high
growth LRB categories
Beverages
#6
China ~$170B
#2
Mexico ~$39B

18. 17
THAT TRANSLATES INTO A PROFITABLE GROWTH
EQUATION
Organic
Revenue
Growth
+4-6%
Annual
Productivity
~$1 billion
Operating
Expense
Inflation
Geographic
&
Channel mix
Capability
Investments
Core
Operating
Margin
Expansion
+20-30
bps
per annum
Components Of Our Operating Leverage
Tailwinds Headwinds
Long-Term
Long-Term
Note: PepsiCo provides guidance on a non-GAAP basis as the Company cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange and mark-to-market
adjustments. Organic revenue and core operating margin are non-GAAP financial measures. Please refer to the “Investors” section of PepsiCo’s website at www.pepsico.com under the heading “Financial
Information—Events and Presentations” to find the reconciliation of GAAP and non-GAAP information and definitions of non-GAAP financial measures.

19. 18
BUT WILL VARY BY BUSINESS MIX AND PRIORITIES
Significant variation across Sectors
15.0%
2020
29.3%
2020
9.1%
2020
14.3%
2020
Total PepsiCo
Core Operating Margin
FLNA + QFNA
Core Division Operating
Margin
PBNA
Core Division
Operating Margin
International
Core Division
Operating Margin
Note: Full-year 2020 PepsiCo reported operating margin was 14.3%. Full-Year 2020 FLNA reported operating margin was 29.4%. Full-Year 2020 QFNA reported operating margin was 24.4%. Full-Year 2020 PBNA
reported operating margin was 8.6%. Full-year 2020 International reported operating margin was 13.3%. Core operating margin represents total core operating margin for PepsiCo including corporate unallocated
expenses. Core division operating margin excludes certain items and corporate unallocated expenses. Core operating margin and core division operating margin are non-GAAP financial measures. Please refer to the
“Investors” section of PepsiCo’s website at www.pepsico.com under the heading “Financial Information—Events and Presentations” to find the reconciliation of GAAP and non-GAAP information and definitions of non-
GAAP financial measures.

20. 19
29.3%
Sustain/Increase
Note: 1 Full-Year 2020 FLNA reported operating margin was 29.4%. Full-Year 2020 QFNA reported operating margin was 24.4%. Core division operating margin is a non-GAAP financial measure that excludes certain
items and corporate unallocated expenses. Please refer to the “Investors” section of PepsiCo’s website at www.pepsico.com under the heading “Financial Information—Events and Presentations” to find the
reconciliation of GAAP and non-GAAP information and definitions of non-GAAP financial measures.
Today1 Future Key Drivers
FLNA+QFNA: INVEST TO SUSTAIN / ACCELERATE
GROWTH AND ENHANCE COMPETITIVE ADVANTAGES
Capture new occasions
and expand into
adjacencies
Productivity
gains from
automation and
digitization
Investments in portfolio,
reach and execution
Increased
marketing and
breakthrough
innovation
Core Division Operating Margin

21. 20
PBNA: EVOLVE PORTFOLIO AND IMPROVE PROFIT AND
RETURNS
Increase
Note: 1 Full-Year 2020 PBNA reported operating margin was 8.6%. Core division operating margin is a non-GAAP financial measure that excludes certain items and corporate unallocated expenses. Please
refer to the “Investors” section of PepsiCo’s website at www.pepsico.com under the heading “Financial Information—Events and Presentations” to find the reconciliation of GAAP and non-GAAP information
and definitions of non-GAAP financial measures.
Today1 Future Key Drivers
 Improved portfolio mix to drive growth and
margin gains
 Invest in advanced revenue management
capability
 Enhance marketing ROI
 Modernize supply chain and digital foundation
to accelerate productivity
 Technology-enabled precision at scale
 Expand Global Business Services capability
Core Division Operating Margin
9.1%

22. 21
INTERNATIONAL: GROW SCALE FOR OUR SNACKS
BUSINESS AND INVEST STRATEGICALLY IN BEVERAGES
14.3% • Focus on building scale
via per capita
consumption to drive
efficiencies
• Unlock key price points
and profitability with
lower cost operating
models in developing
markets
• Strategically invest to
balance growth and
returns, focusing on core
brands with selective
NCB plays
• Strengthen bottling
network, investing in
scaled local and global
partners
Sustain/Increase
Note: 1 Full-year 2020 International reported operating margin was 13.3%. Core division operating margin is a non-GAAP financial measure that excludes certain items and corporate unallocated expenses.
Please refer to the “Investors” section of PepsiCo’s website at www.pepsico.com under the heading “Financial Information—Events and Presentations” to find the reconciliation of GAAP and non-GAAP
information and definitions of non-GAAP financial measures.
Today1 Future Key Drivers
Snacks Beverage
• Streamline and digitize operations through Global
Business Services
Core Division Operating Margin

23. 22
Invest in the Business
1
Pay / Grow Dividends
2
Strengthen Portfolio
Through M&A
3
Share Repurchases
4
Capital spending to drive growth and productivity
agenda
Increased dividend for 49 consecutive years
Bolt-On M&A
While maintaining access to debt capital markets at
attractive rates
OUR DIVISIONAL PRIORITIES KEEP OUR LONG-TERM
CAPITAL ALLOCATION PRIORITIES UNCHANGED
Note: 2021 dividend increase effective with the dividend expected to be paid in June 2021. For 2021, PepsiCo will be prioritizing capital spending and dividends over mergers and acquisitions as well as share repurchases.
As of February 11, 2021, PepsiCo has repurchased $100 million worth of shares and does not anticipate additional share repurchases for 2021.

24. 23
Digitizing
end-to-end
supply chain
WE ARE PRIORITIZING HIGHER CAPITAL INVESTMENTS
FOR GROWTH AND PRODUCTIVITY INITIATIVES
Net Capital Spending
(as % of Net Revenue)
Where Are We Investing?
Growth Productivity
Increase
Manufacturing
Capacity
ESG

25. 24
WHICH IS WHY OUR FREE CASH FLOW CONVERSION
HAS MODERATED BUT REMAINS STRONG
Free Cash Flow Conversion
Note: Free Cash Flow conversion is calculated by dividing Free Cash Flow by total Core Net Income attributable to PepsiCo. Free Cash Flow is calculated by subtracting capital spending from the sum of net
cash provided by operating activities and sales of property, plant and equipment. Free cash flow conversion ratio is a non-GAAP measure. Please refer to the “Investors” section of PepsiCo’s website at
www.pepsico.com under the heading “Financial Information—Events and Presentations” to find the reconciliation of GAAP and non-GAAP information and definitions of non-GAAP financial measures.
106%
113%
121%
110%
96%
78%
72%
84%
2013 2014 2015 2016 2017 2018 2019 2020

26. 25
WE ARE ALSO PRIORITIZING DIVIDEND GROWTH
Dividends Per Share
49
Consecutive years of
dividend hikes
Note: 2021 dividend increase effective with the dividend expected to be paid in June 2021. Current dividend yield reflects our annualized dividend per share divided by our share price as of 2/2/2021.
Effective
June 2021
Current Dividend Yield: ~3%
$2.24
$2.53
$2.76
$2.96
$3.17
$3.59
$3.79
$4.02
$4.30
2013 2014 2015 2016 2017 2018 2019 2020 2021

27. 26
AS WE BELIEVE WE HAVE ADDRESSED KEY PORTFOLIO
GAPS WITH RECENT ACQUISITIONS
Recent M&A
Very Pleased With Our Current Portfolio
M&A Spend (in millions)
$556
$10,585
2013 to 2017 2018 to 2020

28. 27
AND MUST NOW FOCUS ON IMPROVING THE RETURN
ON OUR INVESTMENTS
Core Net ROIC
Note: Full-year 2020 reported net income attributable to PepsiCo was $7.1 billion. Core Net ROIC is a non-GAAP measure. Please refer to the “Investors” section of PepsiCo’s website at www.pepsico.com under the
heading “Financial Information—Events and Presentations” to find the reconciliation of GAAP and non-GAAP information and definitions of non-GAAP financial measures.
16.4%
17.5%
19.6%
21.5%
22.9%
24.8%
22.3%
19.9%
2013 2014 2015 2016 2017 2018 2019 2020

29. 28
WHILE PRESERVING OUR BALANCE SHEET STRENGTH
AND LIQUIDITY
Committed To Maintaining Investment Grade Rating + Access to Tier-1 Commercial Paper
Use of Cash /
Liquidity Principles
Investing In Our Business Returning Cash To Shareholders
Creating Additional Value To Shareholders In The
Form of Share Repurchases
Ensure long-term sustainability of growing
dividend payments
Fund capital spending to preserve day-to-day
business operations while investing for growth
Fund strategic M&A to compete effectively and
enhance future financial returns and liquidity
1 2
4
3
2021 Priorities

30. 29
AS WE ASPIRE TO DELIVER SUSTAINABLE GROWTH,
INCOME AND VALUE CREATION
Organic
Revenue
Growth
+4-6%
Core
Constant
Currency EPS
Growth
+HSD%
Current
Dividend
Yield
~3%
Core
Operating
Margin
Expansion
+20-30 bps
annually
Note: PepsiCo provides guidance on a non-GAAP basis as the Company cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange and mark-to-market
adjustments. Organic revenue, core operating margin and core constant currency EPS are non-GAAP financial measures. Please refer to the “Investors” section of PepsiCo’s website at www.pepsico.com under the
heading “Financial Information—Events and Presentations” to find the reconciliation of GAAP and non-GAAP information and definitions of non-GAAP financial measures.
Long-Term Targets Income
Value Creation

31. 30
TODAY’S DISCUSSION
01
02
03
Who We Are
Our Financial Outlook
Our Value Creation Proposition

32. 31
2021 OUTLOOK
Note: 1: +MSD is defined as mid-single digit. 2: +HSD is defined as high-single digit. 3: Comprised of $5.8 billion in dividends and $0.1 billion in share repurchases. As of February 11, 2021, PepsiCo has repurchased $100
million worth of shares and does not anticipate additional share repurchases for 2021. PepsiCo provides guidance on a non-GAAP basis as the Company cannot predict certain elements which are included in reported
GAAP results, including the impact of foreign exchange and mark-to-market adjustments. Organic revenue and core constant currency EPS are non-GAAP financial measures. Please refer to the “Investors” section of
PepsiCo’s website at www.pepsico.com under the heading “Financial Information—Events and Presentations” to find the reconciliation of GAAP and non-GAAP information and definitions of non-GAAP financial
measures. Guidance as of February 11, 2021.
Organic Revenue
Growth
Cash Return to
Shareholders
+MSD
1
+HSD
2
$5.9B
3
Core Constant
Currency EPS Growth

33. 32